On Wednesday, Natural Resource Partners LP (NYSE:NRP)’s shares declined -19.94% to $5.54, hitting its lowest level.
Yesterday, Natural Resource Partners LP (NRP), declared a long-term plan to strengthen its balance sheet, reduce debt and enhance liquidity in order to reposition the partnership for future growth. The plan comprises of the following planned aims and initiatives:
- Improve merged Debt/Adjusted EBITDA from 4.9x at December 31, 2014 to 3.5x by the end of 2017;
- Reduce NRP’s quarterly distribution to $0.09/unit, a 75% decrease from the distribution paid with respect to the preceding quarter that will (1) raise NRP’s estimated distribution coverage ratio for 2015 to over 4.0x based on NRP’s current guidance and (2) result in additional cash accessible for debt reduction of about $130 million annually;
- Utilize excess cash to pay off about $500 million of debt by the end of 2017, counting $41 million paid in the first quarter 2015;
- Enhance and extend the partnership’s liquidity profile with the establishment of a new NRP Operating $300 million revolving bank credit facility that will mature in October 2017 and replace NRP Operating’s existing $300 million revolver that matures in August 2016; and
- Raise focus on capital efficiency and pursue NRP’s diversification strategy through organic growth of its aggregates, industrial minerals and oil and natural gas assets.
The distribution of $0.09 per common unit with respect to the first quarter of 2015 will be paid on May 14, 2015 to unitholders of record on May 5, 2015.
Natural Resource Partners L.P., through its auxiliaries, owns, manages, and leases mineral properties in the United States. It owns interests in coal, trona and soda ash, crude oil and natural gas, construction aggregates, frac sand, and other natural resources, in addition to lime, potash, and rare earths.
ADTRAN, Inc (NASDAQ:ADTN)’s shares dropped -10.36% to $16.61, during the last trading session on Wednesday.
On April 21, ADTRAN, Inc (ADTN), stated results for the first quarter 2015. For the quarter, sales were $142,835,000 contrast to $147,004,000 for the first quarter of 2014. Net income was $3,317,000 contrast to $9,607,000 for the first quarter of 2014. Earnings per share, assuming dilution, were $0.06 contrast to $0.17 for the first quarter of 2014. Non-GAAP earnings per share were $0.10 contrast to $0.21 for the first quarter of 2014. The reconciliation between GAAP earnings per share, diluted, and non-GAAP earnings per share, diluted, is in the table offered.
ADTRAN Chief Executive Officer Tom Stanton stated, “Revenue for the quarter came in lower than predictable, driven by currency fluctuations in our European business, and the cancellation of a planned domestic Tier 1 program that was predictable to commence late in the quarter. We did continue to see positive momentum in our European business, in addition to the predictable improvement in our Tier 2 carriers in the U.S. as CAF funding started to take hold.”
The Company also declared that its Board of Directors declared a cash dividend for the first quarter of 2015. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on May 7, 2015. The ex-dividend date is May 5, 2015 and the payment date is May 21, 2015.
ADTRAN, Inc. manufactures and sells networking and communications equipment worldwide. It operates in two divisions, Carrier Networks and Enterprise Networks. The Carrier Networks division provides broadband access products, such as multi-service access nodes, fiber to the nodes, digital subscriber line access multiplexer products, and distribution point units; optical products, counting optical networking edge, fiber Ethernet access devices, multi-service edge switches, multi-service provisioning platforms, and pluggable optical products; and time division multiplexed (TDM) systems under the Total Access and hiX brand names.
At the end of Wednesday’s trade, Cree, Inc (NASDAQ:CREE)‘s shares dipped - 8.59% to $32.36.
On April 21, Cree, Inc declared revenue of $409.5 million for its third quarter of fiscal 2015, ended March 29, 2015. This represents a 1% raise contrast to revenue of $405.3 million stated for the third quarter of fiscal 2014. GAAP net income for the third quarter was $0.7 million, or $0.01 per diluted share, a decrease of 98% year-over-year contrast to GAAP net income of $28.2 million, or $0.23 per diluted share, for the third quarter of fiscal 2014. On a non-GAAP basis, net income for the third quarter of fiscal 2015 was $25.0 million, or $0.22 per diluted share, a decrease of 48% year-over-year contrast to non-GAAP net income for the third quarter of fiscal 2014 of $47.7 million, or $0.39 per diluted share.
“Q3 revenue and non-GAAP operating profit were within our targeted range despite the influence of extreme winter weather this quarter,” stated Chuck Swoboda, Cree Chairman and CEO. “We’re confident that we’re on the right track and optimistic about the future growth in Lighting and potential upside from our Power & RF product line.”
Recent Business Highlights:
- Redefined outdoor lighting performance for rural applications with the introduction of the LED Rural Utility Light (RUL) Series, designed to deliver an unprecedented combination of price, performance and quality to accelerate adoption of LED lighting across rural areas in North America;
- Introduced a new addition to the industry-leading CXA LED array family, CXA2 LED arrays, which deliver up to 33 percent higher efficacy in the same form factors by utilizing elements of the Cree® SC5 Technology™ Platform;
- Continued to expand the leading LED bulb portfolio with the TW Series™ LED T8 Tube Replacement for consumers. Designed for simple, wire-free installation, it provides industry-leading compatibility, besting the competition in light quality and performance, all at an affordable price;
- Built on the success of the groundbreaking XLamp® MH family of LEDs with the introduction of the XLamp MHD-E and MHD-G LEDs. These new LEDs leverage the Cree SC5 Technology platform to combine the high lumen density and reliability of a ceramic chip-on-board LED with the design and manufacturing advantages of a surface-mount package;
- Declared that the U.S. International Trade Commission (ITC) has agreed to open an investigation into unfair trade practices by Feit Electric Company, Inc. and its Asian supplier, Unity Opto Technology Co., Ltd., in response to a complaint filed by Cree on January 12, 2015.
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. The company’s LED Products segment provides blue and green LED chips that are used in various applications, counting video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications.
Chipotle Mexican Grill, Inc (NYSE:CMG), ended its Wednesday’s trading session with -7.41% loss, and closed at $641.23.
On April 21, Chipotle Mexican Grill, Inc stated financial results for its first quarter ended March 31, 2015.
Highlights for the first quarter of 2015 as contrast to the first quarter of 2014 comprise:
- Revenue raised 20.4% to $1.09 billion
- Comparable restaurant sales raised 10.4%
- Restaurant level operating margin was 27.5%, a raise of 160 basis points
- Net income was $122.6 million, a raise of 47.6%
- Diluted earnings per share was $3.88, an raise of 47.0%
- Opened 49 new restaurants
First quarter 2015 results
- Revenue for the quarter was $1.09 billion, up 20.4% from the first quarter of 2014. The growth in revenue was driven by new restaurants not in the comparable base and a 10.4% raise in comparable restaurant sales. Comparable restaurant sales growth was driven primarily by an raise in average check, which comprises the benefit of a nationwide menu price raise that was fully rolled out during the second quarter of 2014, and to a lesser extent by raised traffic.
- We opened 49 new restaurants during the quarter, bringing the total restaurant count to 1,831.
- Food costs were 33.9% of revenue, a decrease of 60 basis points, as the benefit of our menu price raise was partially offset by raised beef and tortilla costs as contrast to the first quarter of 2014.
- Restaurant level operating margin was 27.5% in the quarter, an raise of 160 basis points from the first quarter of 2014. The raise was primarily driven by favorable sales leverage.
- General and administrative expenses were 5.8% of revenue, a decrease of 160 basis points due to lower non-cash stock based compensation expense.
- Net income for the first quarter of 2015 was $122.6 million, or $3.88 per diluted share, contrast to $83.1 million, or $2.64 per diluted share, in the first quarter of 2014.
Chipotle Mexican Grill, Inc., together with its auxiliaries, develops and operates fast-casual and fresh Mexican food restaurants. As of February 3, 2015, it operated about 1,780 restaurants, counting 17 Chipotle restaurants and 9 ShopHouse Southeast Asian Kitchen restaurants. The company was founded in 1993 and is based in Denver, Colorado.
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